02: Types of buyer
Whether you are moving from home or from rented property, buying a first house is an exciting event. In February 2012 first time buyers accounted for two in five home purchases and their average age was 30 – a figure that has risen from the mid-20s a generation ago. By definition, first time buyers are inexperienced and tend to need to borrow as much as possible to buy a home. Many will look to start where they can afford to, and then trade up as resources allow.
Most properties are bought by people who have a property to sell or who have sold one. Finance may still be an issue, as will ensuring that the old property can be sold at the right price and the new one bought at the right price, all ideally at the same time.
Buy to let-ers
Not everyone buys a home to live in themselves. Buy to let is where you buy a home to rent out.Last Updated
Your home may be repossessed if you do not keep up repayments on your mortgage.
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